Pune real estate sector heats up: January sees record 46% rise in registrations, report says | Top Vip News

Pune has seen a steady rise in property acquisition and January 2024 recorded the second best monthly performance in the last 24 months. Knight Frank India, in its latest assessment, noted that 17,785 properties were registered in Pune in January, indicating a substantial increase of 46% compared to the same month last year.

Stamp duty collection during this period amounted to Rs 589 million, a notable year-on-year increase of 34% in January.

Also read: Will home prices become affordable again? Real estate market predictions for 2024

Of the total transactions recorded, 70% were for residential purchases, reflecting confidence among homebuyers in Pune, driven by favorable affordability and a positive outlook on real estate, the report said.

Increase in purchase of higher value segment (above Rs 1 crore) in January 2024

In January 2024, registration of residential units priced between Rs 50 lakhs and Rs 1 crore was the highest and accounted for 32% of all housing transactions in the month. Similarly, the share of properties priced between Rs 25 lakhs and Rs 50 lakhs stood at 31% of the market share, a close second.

Interestingly, the higher value segment, comprising properties priced at Rs 1 crore and above, saw growth in its market share. The share of this segment increased from 10% in January 2023 to 14% in January 2024, indicating a growing preference for properties in this price range.

Increased demand for larger apartments remains

As of January 2024, apartments within the 500 to 800 square foot range had a substantial 41% share. Apartments smaller than 500 square feet also attracted significant attention, accounting for 33% of transactions in January 2024, making them the second most preferred apartment size.

In particular, there was a significant shift towards larger apartments: those larger than 1,000 square feet saw their market share increase from 12% in January 2023 to 14% in January 2024.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Pune’s real estate market continues to demonstrate growth, driven by a strong desire for home ownership, an attractive level of affordability and a conducive business environment in the city. January 2024 saw a strong 46% year-on-year increase in registrations, indicating a promising start to the year. The growing preference for larger properties reflects the dynamic nature of the Pune real estate market.

Additionally, incremental growth in the category of properties priced above Rs 1 crore also serves as an excellent indicator of the city’s economic fundamentals, allowing buyers to make longer-term financial commitments and gain exposure to higher-end investments. high value. With continued infrastructure improvements and economic growth, the Pune residential market is consolidating its strong foundations, laying the foundation for a thriving real estate sector.”

Central Pune accounted for 75% of total residential transactions in January 2024

In January 2024, Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 75%. While dominant, this share has declined somewhat compared to the same period last year, as new supply in the rest of the city increasingly caters to the contemporary needs of the Pune homebuyer. \

West Pune, covering regions such as Mawal, Mulshi and Velhe, held the second largest share of residential transactions, accounting for 15% of the total in January 2024.

In contrast, North, South and East Pune collectively held a smaller share of residential transactions, accounting for 11% of the total in January 2024, although their shares have seen a marginal increase over the same period of the year. past.

54% of home buyers in the age group of 30 to 45 years.

Home buyers in the age group of 30 to 45 years constituted the largest buyer segment, with a substantial market share of 54%. Those under 30 years old accounted for 24% of the market share, while home buyers between 45 and 60 years old accounted for 16% of the market.

This distribution can be attributed to Pune’s status as a strong end-user market, where people often rely on bank financing to facilitate their home purchase. Consequently, there is a strong presence of professionals in the market, particularly in the age group of 30 to 45 years, which is the largest segment.